Fintech Startup OmiseGO Bags Funding From Japan-Based Global Brain

OmiseGo, a blockchain-powered fintech startup based out of Thailand, has announced that it has secured an undisclosed amount of funding in its new funding round, which was led led by Japanese venture capital firm Global Brain.

Along with Global Brain, corporate VC arm of Mitsui Fundosan — 31Ventures, and existing investor of the company SMDV, have also participated in this funding round. Global Brain, Mitsui and SMDV will leverage its resources to support the businesses under Omise Holdings.

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The company was founded in 2013 and is building the OmiseGO network, which is a public Ethereum-based financial technology that enables real-time, peer-to-peer value exchange and payment services agnostically, across jurisdictions and organisational silos, and with both fiat and decentralised currencies.

Last year, the company had closed $25 million round in new financing via a token sale, more commonly know as ICO. The funds will be used to develop its idea to enable any Omise Go user to share funds through the network without the need for a bank account and without incurring fees or incurring cross-border costs.

The company says that since the OMG token distribution, it has been working hard to build the OmiseGO ecosystem and is in the process of developing the wallet SDK and DEX that will be vital to the utility of the overall network. It further adds that the live OMG network will be a performant and secure proof-of-stake network, that enables high transaction throughput at a low cost, via Plasma.

After working as a Consultant for several swanky hotels across the globe, Chintan has now joined the Venture Dreams team to write about Business. He is hoping that his Master's Degree in International Business comes in handy. You can reach him via email - [email protected]